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Pricing Through the Cycle in Europe
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03/22/2010
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We created a model based on a measure of "cyclical fair value" in order to understand why yields of commercial real estate properties in Europe peaked below their long-term averages during the most recent recession. The results show that capital-growth driven markets now appear to be the most attractively priced. Stable income-driven markets are more expensive, with less risk and limited upside potential.
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Authors:
Peter Hayes
Greg Kane
Markus Reissner
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